4 Business Pitfalls to Expect When Starting Your Business the First Time and How to Overcome It

If we think about it, it is great that unlike the old times, Entrepreneurship is no longer very unusual in our society. This age where innovation is unstoppable and building a business is not as hard as it used to be, we have become more capable than ever.

If you’re a first timer like many of us who have decided to take the risky road, you’re going to want all the advice you can get. Fortunately, the ones who have taken this road before are generous enough to share what they’ve learned. Especially the mistakes and what they’ve learned from it.

As they say “you can never be fully prepared for anything”. But we believe that every opportunity to learn will help us prepare as much as we can with what to expect ahead.

Awareness paves way to understanding. And when we understand what is ahead of us, we lessen the shock value which has been proven to fail many aspiring entrepreneurs.

If it’s your first time launching and running a business, beware of these roadblocks along the way.

LETTING FEAR SLOW YOU DOWN

It is normal to have so many questions when it is your first time doing something. Experience will be your primary teachers. During these stages, you’ll be asking so many your “what ifs”.

What if you priced your service wrong?

What if the client doesn’t like the output?

What if they don’t pay? How am I going to be paid?

What if they don’t think I’m good enough?

And countless more.

These are all normal. Slowing down because of this isn’t.

Being in business is a constant cycle of experience and learning. And if you get into problems, you have to understand that it is all part of the whole process. This should not be a reason for anybody to slow down or stop.

‘WHAT CAN I DO?’

When faced with difficult times where you are clouded with hesitations and doubt, you can do the following.

Research and ask for help – the thoughts of people who have experience in your struggle can help you;

Just decide – decide/do the thing the best way you know how based on the information you got;

Know that it is worst to slow down/stop that trying, learning, and getting it right

SETTING UNREALISTIC GOALS

Optimism is a key factor in keeping yourself moving forward and succeeding. However, it is also a roadblock when done improperly.

Goal setting is supposed to motivate you and keep track of your progress to your mission. Each goal that you set, be it short-term or long-term, mark your achievements towards getting into your bigger goal.

Therefore, your goals must be challenging but realistically achievable. Being overly optimistic and setting goals too high will only get you disappointed and less confident. And this is when it becomes a roadblock.

‘WHAT CAN I DO?’

Set a goal that is achievable;

If you aim to challenges yourself to be better at output and pace, set goals with increasing ; difficulty

LACK OF OR MISUSE OF CAPITAL

Being a beginner, it is absolutely natural to not have big funds. That is why it is very crucial to use your resources properly. Nine out of 10 businesses fail because of this matter. As your business grow and you start to be profitable, you have to make sure that you use your money properly. Successful business owners would usually use it to invest on something that helps the business further. Unsuccessful business owners are seen to get this profit and use it up on other things unrelated to the growth of the business.

‘WHAT CAN I DO?’

The best way to prepare for this roadblock is

To be aware – that this is a common downfall, so you don’t do the same mistake;

Seek the help of an accountant;

Or use a digital bookkeeping software;

Keep records of your books always;

Assess your expenses;

And pivot spend strategy appropriately

IGNORING COMPETITION

It is very rare to have a business or service that is completely original and without a competition. That said, you’d likely have competitors around.

One roadblock in running a successful business is ignoring the competition – not keeping track of what they do, not learning from their strategies, and now knowing how you are different.

Especially if you’re a service provider, clients would always look at their options. If you know exactly how you stand out and continue to leverage on that, you are going to win.

Otherwise, this is a huge roadblock because you will only end up as one of the many other.

‘WHAT CAN I DO?’

Practically, you should:

Get to know your competitors;

Take a close look at what they do and offer;

Be aware of their strategies;

Know what you can offer better;

Leverage on what makes you distinct

This way, may it be a product or service, customers or clients will always find you and what you offer better than the rest.

Venturing into business is a continuous journey where you execute, make mistakes, and learn. These are common but valuable points that you should be aware of.

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